Business quote of the day.

The UK is giving the tax break and the Irish get benefit of all the tax on the sales.

Richard Murphy, of Tax Research UK, accuses Facebook of taking the UK “for a ride” over the way it arranges its tax affairs. Murphy said that the social media network had depressed sales figures in order to pay less to the exchequer, and criticised the arrangement between Facebook UK and its Dublin office that meant only around 11 per cent of total sales made into the UK are declared in this country.